A1 1 B fx Accessibility tab summary: The financial information for Spensa Corporation is presented in rows 2 to 13. A statement for requirement is presented in rows 16 and 17 a E K L M D F I J 2 Spensa Corporation was established this year and had the following transactions: 3 4 a. Issued common stock to investors (example) Value: $ 90,000 5 b. Purchased Inventory on account Value: $ 23,000 6 c. Borrowed cash from a local bank Value: $ 15,000 7 d. Sold merchandise to customers. Gross Profit on sale is 57.6% Sales amount: $ 12,500 57.6% 8 e. Dividends were paid to common shareholders Dividends: $ 1,000 9 f. Purchased Land for cash Value: $ 11,000 10 g. Incurred selling expenses paying one fourth in cash and putting the remainder on account Amount: $ 4,000 11 h. Paid off the local bank loan and also paid 10% in interest Loan: $ 5,000 10% 12 i. Earned interest from the savings account at the local bank 13 j. Collected amounts owed from customers Amount: $ 500 Amount: $ 2,000 14 15 Required Complete the table in the spreadsheet for each transaction showing the effect on the balance sheet and income statement. Leave unaffected cells blank and use positive and negative numbers for increases and decreases. Be 16 sure to enter a formula to calculate column totals, the accounting equation, and net income. 17 18 Note: Negative amounts or amounts to be deducted should be input and displayed as negative values. All other answers should be input and displayed as positive values. 19 TIP: Create formulas for the Total row and the Accounting Equation before posting transactions. 34 22222222222233233 20 21 BALANCE SHEET Transaction Assets Liabilities a. 90,000 24 b. 25 C. 26 d. 27 e. 28 f. 29 30 g. h. i. j. Total 35 Assets 36 = 37 Liabilities, Stockholders' Equity, Revenues, and Expenses INCOME STATEMENT Expenses Stockholders' Equity Revenues 90,000 Net Income